Transit Startup Via Is Said to Work With Goldman on U.S. IPO
Via Transportation Inc., which competes with Uber Technologies Inc. in some cities, is planning to go public in the U.S., according to people with knowledge of the matter.
The company is working with Goldman Sachs Group Inc. on the planned initial public offering, the people said, asking not to be identified discussing private information. A listing could happen in six months to a year, the people said.
The company, founded in 2012, also considered a merger with a special purpose acquisition company, or SPAC, but decided to pursue an IPO instead, the people said.
A Via spokesperson declined to comment. A representative for Goldman Sachs didn’t immediately respond to requests for comment.
Via’s business overlaps with ride-hailing companies like Uber and Lyft Inc. Via serves cities including New York, Chicago and Washington in the U.S. as well as Amsterdam and Berlin. Some of those operations however have been suspended due to Covid-19 and may not restart. Via’s software is used by more than 500 cities and transit agencies, one of the people said. The company’s software arm accounts for more than 70% of its revenue, another person said.
The company expects to be valued at a premium to its last funding round, one of the people said.
Via had a valuation of $2.93 billion after a $60 million funding round in March, according to data provider PitchBook. The company’s investors include Daimler, Shell Ventures, Pitango Venture Capital and Hearst Ventures, according to PitchBook. Exor NV is also a backer.
Via announced in March that it had acquired Remix, a mapping platform for transportation planning and decision-making.
The global market for so-called transit tech software is expected to grow to about $60 billion in 2025, up from $20 billion last year, according to a report by Boston Consulting Group on Via’s website.
(Updates with some operation suspension in fifth paragraph.)